One Hundred Chinese Business Delegates Visit Bahrain

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May 24, 2015

Manama, 24 May 2015: A delegation of close to one hundred business leaders from the Chinese region of Ningxia, led by the Vice Governor of Ningxia and the China Chamber of International Commerce (CCOIC), are on a visit to Bahrain this week.

The delegation also met with Mr. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board (EDB); and officials from the Ministry of Industry and Commerce and Bahrain Chamber of Commerce and Industry (BCCI). The two day visit, designed to boost business and trade ties between China and Bahrain, included a Bahrain-China business seminar, a number of high level meetings between Chinese and Bahraini business leaders.
The visit is also set to witness the signing of two MoUs. The first is between the Ningxia China Council for the Promotion of International Trade (CCPIT) and the EDB, which aims to enhance mutual cooperation to promote economic relations between the two countries in the fields of agriculture and food, energy and chemicals and manufacturing. A second MoU will also be signed between the Ningxia CCPIT and the BCCI, aiming to further strengthen trade cooperation between the two organisations.
Mr. Khalid Al Rumaihi, Chief Executive of the EDB said:
“There is evidence that Bahrain and China were trading along the old Silk Road hundreds of years ago. This long history provides a strong foundation for the future of the relationship between our two countries as Bahrain has become a hub today for Chinese businesses looking to access the fast-growing Gulf and wider Middle East region along a modern day Silk Road.
“The six economies of the Gulf Cooperation Council (GCC) are diversifying their economies away from oil and gas and have rapidly expanding affluent populations. This presents significant opportunities for international investors, particularly those in China. It also supports the Kingdom’s continuous efforts to diversify the economy and create quality jobs. .”
A large number of Chinese businesses have already established operations in Bahrain to access the wider GCC market, including: Bank of China; China Harbour Engineering Company; Curtain Wall Co. Ltd; Daily Wealth Limited; Wuhan Lingyun Building Decoration Engineering Co. and Huawei. Furthermore, in September 2015 the Bahrain Dragon City, a Chinese themed shopping mall housing as many as 500 Chinese companies, will open its doors to the public.
The delegation’s visit follows a series of senior visits to China from Bahrain. In October 2014, the Bahrain EDB visited Beijing, Guangzhou, Shenzhen and Hong Kong as part of a ten day business delegation visit to China, where 13 MOUs were signed between Bahraini companies and their Chinese counterparts. In 2013, HM the King visited Ningxia as part of an official visit to China and to attend the China-Arab states Expo.

Bahrain Delegation to Attend World Economic Forum MENA in Jordan

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May 20, 2015

​Manama, Economic Development Board, 20th May 2015: A high profile Bahrain delegation, including senior public and private sector representatives, is participating in the three-day World Economic Forum (WEF) on the Middle East and North Africa (MENA) which is taking place at the Dead Sea in Jordan.

The Bahrain delegation includes H.E. Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance; H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain (CBB); H.E. Zayed R. Alzayani, Minister of Industry and Commerce; Mr. Khalid Al Rumaihi, Chief Executive of the Economic Development Board (EDB); and Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Osool Asset Management Company.
This year the theme of the annual conference is: Creating a Regional Framework for Prosperity and Peace through Public-Private Cooperation. The forum’s programme and discussion will focus on the new developments and institution-building efforts being undertaken across the Middle East and North Africa, and the impact of these on cross-regional trade and investment set against the backdrop of the on-going regional economic, security and humanitarian challenges.
Mr. Khalid Al Rumaihi commented on the international event saying: “WEF provides the perfect environment for forming long-term relationships developed through shared interests. Given the region’s on-going challenges, there could not be a more vital time to enhance regional cooperation through the creation of such partnerships, where possible.
“Boosting connectivity – whether through infrastructure, regulations or trade agreements – can play an important role in boosting growth across the region and we look forward to discussing opportunities at the conference this week.”
The event will feature the participation of H.E. Rasheed Al Maraj, who will be speaking on a panel titled ‘Advancing Financial Inclusion’, alongside prominent financial experts including: H.E. Dr. Umayya Toukan, the Minister of Finance of Jordan; Mr. Tirad Mahmoud, Group CEO, Abu Dhabi Islamic Bank; and Mr. Dimitris Tsitsiragos, Vice President of Global Client Services, International Finance Corporation. The panel will be moderated by Mr. Andrew Torchia, Middle East Chief Financial Correspondent, Thomson Rueters, and will address key financial mechanisms that can be leveraged to support inclusive growth in the region, such as: leveraging the potential of Islamic finance; expanding banking to the unbanked; and strengthening the investment climate.
During the three-day event, the delegation will meet with key global and regional business leaders to discuss shared economic, societal and geopolitical imperatives to boost growth, promote financial stability and enhance regional security.
The World Economic Forum on the Middle East and North Africa is being held at the Dead Sea in Jordan from the 21-23 May 2015, and over 800 government, business and civil society leaders from more than 50 countries are expected to participate.

Bahrain Business Delegation Attends Munich's Transport Logistics Exhibition

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May 06, 2015

​Manama, 6 May 2015: As part of a four-day visit to Germany, a delegation organised by the Bahrain Economic Development Board (EDB) and led by Mr. Khalid Al-Rumaihi, Chief Executive of the EDB yesterday attended the opening of the Munich Transport Logistic Exhibition, where a Bahrain Pavilion is showcasing the Kingdom’s favourable business environment to German and international investors.

The delegation attended a lunch hosted by Messe München GmbH and also held meetings with key officials and business leaders in Germany, including H.E. Alexander Dobrindt, the German Federal Minister of Transport and Digital Infrastructure, H.E. Parliamentary State-Secretary Dorothee Bär, and H.E. State-Secretary Franz Josef Pschierer of the Bavarian Ministry of Economics, Energy, Media and Technology.
The Bavarian Ministry of Economics, Energy, Media and Technology and the German Chamber of Commerce and Industry for Saudi-Arabia and Bahrain also co-hosted a dinner for the delegates, following a meeting with H.E. State-Secretary Pschierer where Mr. Khalid Al-Rumaihi and other members of the Bahrain delegation presented Bahrain’s economic story and key competitive advantages to Bavarian companies and ministry officials.
During the visit to Germany, Mr. Khalid Al-Rumaihi will attend a wide number of meetings with a number of public officials and senior private sector businesses.
Mr. Al-Rumaihi, Chief Executive of the EDB said:
“German companies are in Bahrain because they recognize what the Kingdom has to offer them, whether it is DHL’s Middle East headquarters, using Bahrain’s connectivity to service the wider region for the last four decades; BASF’s new state-of-the-art production facilities at the Bahrain International Investment Park; or regional offices of businesses like Allianz, Hannover Re, RMA, SMS Meer, Siemens, Deutsche Bank and Lufthansa Technik.
“They recognize that the GCC market has what all companies are looking for – business to be done and growth to be realised – and that Bahrain offers many of the factors that they need in order to be successful.
“At this week’s conference, we are looking forward to introducing a number of potential investors to Bahrain’s competitive advantages, whilst at the same time building on our existing relationships in Germany. Through continued cooperation we can help companies expand, create quality jobs and opportunities in Bahrain, and grow our local economy.”
A large number of German businesses have already established operations in Bahrain as a means of accessing the wider Gulf market, which is now worth US$1.6 trillion and expected to reach US$2 trillion by 2020. Leading German logistics companies with offices or facilities in Bahrain include: DHL, Schmidt Middle East logistics JLT and Talke Logistics.
Bahrain recently announced an update to its visa policy whereby visitors from Germany can now be issued a multi-entry visa that is valid for three months. This visa allows a length stay of two weeks per visit. Additionally, business visitors are able to spend longer periods of time in the Kingdom, as the new policy dictates that business visas are issued with a one-month validity and are multi-entry with two weeks of stay per visit.

Bahrain Business Delegation Arrives in Germany

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May 04, 2015

​Manama, Economic Development Board, 4th May 2015: A delegation organised by the Economic Development Board (EDB) and led by Chief Executive of the EDB, Mr. Khalid Al-Rumaihi, has arrived in Munich, Germany. The high-profile delegation includes representatives from both the public and private sectors in Bahrain, including H.E. Hassan Al Majed, Undersecretary of Ports and Maritime Affairs at the Ministry of Transportation and Telecommunications and representatives from the Bahrain Chamber of Commerce and Industry (BCCI).

The visit coincides with the prestigious Transport Logistic exhibition in Munich, and the programme includes meetings with H.E. Alexander Dobrindt, the German Federal Minister of Transport and Digital Infrastructure and H.E. State-Secretary Pschierer of the Bavarian Ministry of Economics, Energy, Media and Technology. During the visit, the EDB will also participate in the official opening ceremony of the Transport Logistic 2015 exhibition where a Bahrain Pavilion will showcase the Kingdom’s favourable business environment to German and international investors.
Mr. Al-Rumaihi, Chief Executive of the EDB said:
“During our visit to Germany this week, we are going to introduce a number of potential investors to the Kingdom’s key competitive advantages. In Bahrain, German companies will find a highly skilled national workforce, the most liberal economy in the MENA region, and excellent connectivity to its neighbours. Additionally, with the recent announcement of the introduction of US$22 billion worth of infrastructure projects, there are even more opportunities for companies looking to expand in the region.
“Germany is already one of our most important trading partners in the EU, and businesses from the country operate at the forefront of the modern industries that form a core of the continued economic expansion and diversification we are witnessing in Bahrain. Through continued investment, we can grow Bahrain’s economy further and provide quality jobs that will help raise the overall standard of living in the Kingdom.”
A large number of German businesses have already established operations in Bahrain as a means of accessing the wider GCC market, including BASF, RMA, SMS Meer, Allianze Global Investors, Hannover Re, Rheinmetall and Armacell. Leading German logistics companies with offices or facilities in Bahrain include: DHL, Schmidt Middle East logistics JLT and Talke Logistics.
The delegation’s visit represents the latest in a series of visits by Bahraini officials to Germany. In April, the EDB sponsored the 6th Ghorfa Education & Vocational Training Forum in Berlin, and a delegation led by Bahrain EDB and including officials from the National Institute for Industrial Training (NIIT) and Tamkeen, attended the event. During the visit several meetings were arranged for NIIT and Tamkeen with their German Counterparts to discuss possible future partnerships and training programs. In December, NIIT, signed a Memorandum of Understanding (MOU) with the Education Center of Rheinmetall MAN Military Vehicles in Kassel, Germany, to promote cooperation in the fields of apprenticeship and training.
Bahrain recently announced an update to its visa policy whereby visitors from Germany can now be issued a multi-entry visa that is valid for three months. This visa allows a length stay of two weeks per visit. Additionally, business visitors are able to spend longer periods of time in the Kingdom, as the new policy dictates that business visas are issued with one-month validity and are multi-entry with two weeks of stay per visit.

CITIC Group Delegation Meets With EDB Chief Executive

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May 03, 2015

Manama, Economic Development Board, 3rd May 2015: The Economic Development Board (EDB) is hosting leading Chinese corporation, CITIC Group, this week to introduce the Kingdom’s business environment and investment opportunities. The visit includes a series of business meetings arranged for the delegation with several Bahraini officials from the public and private sector.

As part of the visit, the delegation, headed by Mr. Wang Jiong, Vice Chairman and President of CITIC Group, met with Mr. Khalid Al Rumaihi, Chief Executive of the EDB, and other EDB officials at the Bahrain Financial Harbor. The delegation also included senior officials who represent the group’s different business lines such as engineering contracting and infrastructure.
The meeting discussed further business cooperation with the Chinese group in various fields. The delegation were briefed about the Kingdom’s economic advantages and the benefits it offers for international investors in various sectors, which present an opportunity for growth and access to regional markets through operating in the Kingdom, along with the EDB’s efforts in attracting investments in key­­­­­­­­ economic sectors.
CITIC Group is a Chinese state-owned conglomerate whose business lines include full-range financial services, real estate and infrastructure, engineering contracting, energy & resources, manufacturing and others. CITIC Limited is its major business platform which is listed in Hong Kong Stock Exchange. By the end of 2014, CITIC Limited has a total assets value of 5,948 billion HK dollars, with revenue totaling 402 billion HK dollars and net profit standing at 39.8 billion HK dollars. CITIC Group’s ranking has risen in the Fortune Global 500 list of the world’s largest corporations from 194 in 2012 to 160 in 2014.
Mr. Al Rumaihi in a comment on the visit said: “There is an increasing interest from Chinese investors in Bahrain. This is a result of the growing understanding of the benefits and potential growth opportunities the Kingdom offers for international investors. The CITIC group visit today reflects this interest and the strength of the historical bilateral relations between the Kingdom and China.”
“Such opportunities go in line with our aim to diversify Bahrain’s economy and ensure quality jobs for Bahrainis.”
Commenting on the visit, Mr. Wang Jiong said: “We look forward to meet with the private and public sector representatives during this visit to discuss the investment opportunities in the Kingdom, and benefit from the competitive advantages Bahrain offers for investors which is key for Chinese businesses.”
The visit includes meetings with officials from Bahrain Mumtalakat Holding Company and the Ministry of Housing, along with several private sector organisations. The visit follows a successful 10 day roadshow to China last year which was organized by the EDB.
The roadshow consisted of a high-level business delegation, which visited four major business hubs in China in October 2014: Beijing, Guangzhou, Shenzhen, Hong Kong, and resulted in signing of 13 Memoranda of Understandings (MoUs) with various Chinese companies and trade entities. The roadshow aimed to strengthen the economic and trade bilateral relations between Bahrain and China, and comes after the official visit by His Majesty King Hamad bin Isa Al-Khalifa to the People’s Republic of China in September 2013 at the invitation of the Chinese government.
In early April 2015, the EDB signed an MoU with the Ministry of Commerce of the Hunan Province in China during an official visit of a Chinese business delegation to Bahrain to enhance the bilateral economic and trade relations between the two countries.
The EDB established an office in China in 2013 to promote investment opportunities in the Kingdom as part of the EDB strategy in attracting foreign direct investments into Bahrain.

EDB Hosts Chinese Journalists to the Kingdom

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April 27, 2015

Manama, Economic Development Board, 27th April 2015: The Economic Development Board (EDB) hosted a delegation of journalists from leading Chinese economic publications for a visit to Bahrain. The trip comes as part of the EDB’s efforts to promote investment opportunities in the Kingdom, and highlights the Kingdom’s key competitive advantages and growing economic relationship with China.

The journalists represent top Chinese publications, including The Economic Observer, China Economic Herald, Asia Pacific Times, and Caixin. The visit follows on His Majesty the King’s historic visit to China in 2013, as well as a 10 day visit to China and Hong Kong by a high level Bahrain business delegation organised by the EDB, during which 13 Memoranda of Understanding (MOUs) were signed with Chinese businesses and trade organisations.
The three-day visit included meetings and interviews with a number of public and private sector representatives such as Bahrain International Investment Park (BIIP), Central Bank of Bahrain (CBB), Tamkeen, CHINAMEX, and included a tour of the upcoming Dragon City project site.
The journalists also met with EDB officials, including Mr. Khalid Al Rumaihi, Chief Executive of the EDB and Dr. Jarmo Kotilaine, Chief Economist at the EDB. Additionally, the journalists experienced Bahraini culture with a visit to the Bahrain Fort and the Ahmed Al Fateh Mosque.
Commenting on the visit, Khalid Al Rumaihi, Chief Executive of the EDB said: “In Bahrain, Chinese investors will find one of the most open economies in the region and a favourable business environment for investors, and through such visits by journalists from leading international publications, we will be able to introduce a global audience to the numerous opportunities available in the Kingdom.
“China is fast becoming one of our key trade partners, and bilateral relations between both nations are growing, as is evident by the number of high-level visits hosted between both our countries in recent years. We look forward to meeting many more journalists as well as investors from China, in order to introduce Bahrain’s unique value proposition”.
Bahrain and China have a strong trade relationship that dates back two thousand years to the first Silk Road. The Kingdom is host to a number of leading Chinese companies, which have established offices or facilities in Bahrain to access the wider Gulf market. They include: Huawei, Bank of China, China Harbour Engineering Company Ltd, and CPIC.

Bahrain real GDP growth reaches 4.5% in 2014

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April 26, 2015

Manama, Economic Development Board, 26th April 2015: Bahrain’s real GDP growth reached 4.5% in 2014 according to the latest Bahrain Economic Quarterly (BEQ) issued by the Bahrain Economic Development Board (EDB). The report also highlighted that non-oil sectors rose markedly from the 3.0% rate recorded in 2013 to 4.9% in 2014.

Strong growth of 12.5% year on year was reported in the construction sector following the initiation of a number of major infrastructure projects in areas such as road transportation.
The hotels and restaurants sector has been a strong performer throughout 2014 having seen an overall expansion rate of 9.9% year on year. The sector benefited from a continued increase in visitor numbers to unprecedented levels. Partly in response, it has also seen significant expansion in capacity, with several new establishments opening in 2014.
Growth in the financial services sector reached 3.4% year on year in 2014 in a marked acceleration from the 2.3% pace recorded in 2013. The report further suggested that the retail-banking sector is in a position to accelerate lending due to high liquidity as loan-to-deposit ratios are less than 50%.
Even as the pick-up in growth was above all due to the clear acceleration in the non-oil space, also the hydrocarbons sector saw stronger growth than originally expected, expanding by 3.0% during the year.
Dr. Jarmo Kotilaine, Chief Economist at the EDB said: “The report highlights the steadily growing contribution of the non-oil sector to the Kingdom’s economy. The fact that 80% of Bahrain’s GDP, now comes from areas other than hydrocarbons highlights the transformative impact of the reform efforts to diversify the economy in past years. We expect project spending on infrastructure, tourism, and increased private sector activity to drive non-hydrocarbon growth much further and offset to a large extent the impact of any decline in revenues from oil.”
The report projects that real GDP growth will be around the 4.0% mark over the coming two years, despite the challenging macroeconomic environment.
In October 2014 it was announced that US$22 billion would be invested in infrastructure projects in Bahrain over the next four years, including the Bahrain International Airport modernisation project and expansion of Alba’s operations, already among the world’s largest primary aluminium smelters as well as other sectors including housing and education.
In line with that, the report projected healthy growth in the GCC economy with the non-oil sector continuing its momentum.
The full report can be downloaded from the link: BEQ Report

EDB Chief Executive hails the positive impact of the Formula One race on Bahrain’s economy

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April 21, 2015

Manama, Economic Development Board: Chief Executive, Mr. Khalid Al Rumaihi hailed the success of the 2015 Formula One Gulf Air Bahrain Grand Prix, held at the Bahrain International Circuit (BIC) and part-sponsored by the EDB.

The sporting event returned to Bahrain this year, once again putting Bahrain at the centre of the international racing scene and highlighting the Bahrain International Circuit’s position as one of the world’s leading circuits, said Al Rumaihi.
He welcomed the positive boost the race provides to Bahrain’s tourism and hospitality sectors, and emphasised that the event showcases the Kingdom’s open business environment where international investors are able to access the fast-growing GCC market.
This year’s race was attended by a record breaking crowd of more than 32,000 and international publication Formula Money has reported that the annual economic impact of the race is almost $300 million. In addition, statistics provided by the Bahrain International Circuit highlight a 60% increase in the number of tourists visiting the Kingdom since the launch of the first race in 2004, and the number of TV viewers and spectators exposed to Bahrain since 2007 because of Formula One is some 3.8 billion people.

EDB Sponsors Fund Forum Asia 2015

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April 19, 2015

​Manama, Economic Development Board, 19th April, 2015: Fund Forum Asia, Asia’s largest gathering for the asset and wealth management community was held in Hong Kong from 14-16 April, 2015. The event, sponsored by the Economic Development Board (EDB), explored the challenges facing the investment and wealth management community globally and in Asia.

The second day of the forum opened with a keynote address by Dr. Jarmo Kotilaine, Chief Economist at the EDB, introducing Asian investors to opportunities in Bahrain and the GCC. The address by Dr. Kotilaine highlighted Bahrain’s unique position as a vibrant high-value, low-cost gateway to the GCC.

Speaking at the forum, Dr. Jarmo Kotilaine said:

“The six countries of the GCC are experiencing fast growth and are exploring means of diversifying their economies away from oil. This, along with the rapidly expanding young affluent populations with investible assets on the lookout for sophisticated financial products and services, offer numerous opportunities for international investors.

“Bahrain is the ideal access point for international investors and wealth managers looking to expand into the GCC region. In Bahrain investors will find a long-established financial centre with over 40 years of experience and one of the largest concentrations of finance institutions in the region. The Kingdom’s mature regulatory framework, low cost of doing business, and highly skilled national workforce make Bahrain a compelling business location for the asset and wealth management industry.”

Bahrain has over 400 registered financial institutions and is also considered a global leader in the Islamic finance industry, hosting the highest concentration of Islamic finance institutions found anywhere in the world. In 2014, Bahrain was named the GCC’s most developed Islamic finance market and second out of 92 countries worldwide, according to the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI).

IISS and EDB Host Strategic Economic Forum in India

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April 07, 2015

Manama, Economic Development Board, 7th April 2015: The International Institute for Strategic Studies (IISS)’s Bahrain India was held in New Delhi, India. The event, sponsored by the Economic Development Board (EDB), evaluated the changing dynamics of Gulf-Asia economic and diplomatic links, and discussed regional demographic and labour market trends and opportunities for Indian businesses to access fast growth in the Gulf, using Bahrain as an example of successful economic diversification.

The forum opened with a keynote address by Dr. S. Jaishankar, India’s Foreign Secretary, while luncheon keynotes were delivered by Khalid Al Rumaihi, Chief Executive of the EDB, and Anil Wadhwa, Secretary, Ministry of External Affairs.
The first panel session, chaired by Sir John Jenkins, Executive Director at IISS-Middle East, focused on the changing dynamics of Gulf-Asia economic links and featured insights from Dr. Jarmo Kotilaine, Chief Economist at the EDB and Prof P.R. Kumaraswamy, of Jawaharlal Nehru University. Panel discussions on trends in demographics and labour migration in the Gulf, and business opportunities for Indian investors in Bahrain were also held with HE Sheikh Mohammed bin Essa Al Khalifa, Political and Economic Advisor to HRH Crown Prince’s Court; Dr. Mohan Kumar, Ambassador of India to Bahrain; Ausamah bin Abdullah Al Absi, Chief Executive of the Labour Market Regulatory Authority (LMRA); and Dr. Didar Singh, Secretary-General of the Federation of Indian Chambers of Commerce and Industry (FICCI), among others.
Speaking at the forum, Khalid Al Rumaihi said:
“India is one of Bahrain and the Gulf region’s most important trade partners. A number of Indian businesses have established operations in Bahrain to access the fast-growing Gulf region and in doing so, are adding long-term value to our economy and are creating high quality jobs for Bahrainis.
“Events such as this are an important part of developing ties and learning from each other how Indian and Bahraini businesses can benefit from strong growth in both our regions, and what needs to be done if they are to continue to thrive and create jobs.”
Sir John Jenkins, Executive Director, IISS said:
“The Gulf is undergoing a great transformation. The six economies of the Gulf Cooperation Council (GCC) are diversifying their economies away from oil and gas and have rapidly expanding affluent populations. This presents significant opportunities for international investors, particularly those in Asia, and especially India, given the two regions historically close ties.”
According to the 2015 Index of Economic Freedom published by The Heritage Foundation and the Wall Street Journal, Bahrain is the Middle East and North Africa’s (MENA) freest economy country. Overall, the Kingdom is ranked 18th out of 178 economies worldwide.
A number of leading Indian companies have established offices or facilities in Bahrain to access the fast-growing GCC market, including: Chemco, RBH MEDEX, First Flight Couriers Ltd, Ion Exchange, Pythhos Technology, Equitec Software Technology, Sun Shed Energy, JBF Industries, Canara Bank, Tech Mahindra, HDFC Bank Ltd, Bank of Baroda, Tata Consultancy Services, ICICI Bank and State Bank of India.
Last month it was announced that Indian businessmen and tourists have seen the greatest benefit of Bahrain’s new visa policy according to new statistics. Indian nationals have been able to apply for eVisas from October 2014, and since then have been issued more eVisas than visitors from any of the other countries made eligible by the changes in regulations.
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